The launch of the Memecoins – $Trump token followed by $Melania Token – has already moved the token market into a frenzy. Since its launch on January 17, the $TRUMP token market value stands at $15 Billion. The enthusiasm received by these tokens has been further complemented by evidence from a recent Chain Analysis Report. The report, as published on 22 January, has revealed that 50% of $TRUMP and $MELANIA token holders have never bought a Solana altcoin before. “Nearly half of buyers created their wallets the day they purchased the tokens”, the X thread by Chainanalysis revealed.
Need for Secure Wallet
Perhaps, it is this knowledge about naivety of these new retail investors that led many of these to become the target of a newly exposed fraud scam. A Russian cybersecurity firm called F.A.C.C.T (formerly known as Group-Ib ) revealed that TRUMP and MELANIA token holders became a target of 10 fraudulent websites, making investors drain their wallets under the pretence of verifying eligibility for transactions. By asking the ignorant investors the seed phrase from their respective wallets, fraudsters attempted to “hijack” their crypto wallet or connect malware in order to squeeze funds available in the wallet.
Thus, the evolving popularity of meme coins has also led to the growth in fake sites and scams. As new and young investors enter the market, excited by the frenzy created by the Trump family’s token, it becomes quite essential for investors to choose a safe and secure wallet to hold their tokens. With more Trump family tokens speculated to be launched this year, the growth in new investors is poised to grow.
If you are also among the new investors and are seeking to buy and hold the memecoins or any crypto coin for that matter, choosing a safe and secure wallet becomes your highest priority. One such safe wallet that can be used by investors is the Bitget Wallet. The Web3 trading wallet, offers a safe, convenient way to invest in over 500,000+ cryptocurrencies, and not only the memecoins.
Kinds of Wallets you can create at Bitget
Bitget Wallet can be created in two ways: One is Mnemonic Wallet where a mnemonic phrase consisting of 12 common words in English is used to create and recover your private key and wallet address. As a non-custodial decentralized wallet, only its users have the access to their private key and mnemonic phrase, enforced by Bitget’s Double Encryption Storage Mechanism (DESM). Second is the Keyless Wallet which uses Multi-Party Computation (MPC) tech, allowing users to create a wallet with various accounts like Telegram, Google, Apple ID, or email.
Moreover, it also allows users to create a Hardware Wallet by scanning the QR code. A watch-only wallet to track asset movements across multiple networks via a wallet address can also be created by the users – who are not up for investment yet. Users can also import their already created Keyless or Mnemonic Wallets.
A look at the Feature-rich Wallet of Bitget
It goes beyond traditional wallet services by providing user-friendly tools like asset discovery and management, Swaps, NFT marketplace, DApp Browser, Launchpad functionality. As the Web 3 multi-chain wallet, it holds the record for the highest number of active wallets on Arbitrum and Polygon. Its NFT marketplace provides support for the Solana, Aptos and SUI blockchains. In March 2022, its average daily trading volume of multi-chain swaps reached $20 million.
Strong Security of Users’ Wallets
For the security of its over 60 million users, it maintains a $300 million protection fund and collaborates with leading security companies such as CERTIK, GoPLUS, NETCRAFT. For daily transfers, transactions, and private key viewing, it makes sure of the verification of the user by entering a passcode. To mitigate the risk of asset loss, it uses Github’s open-source libraries and Go+ interfaces to identify phishing websites and promptly displays risk alerts to its users. Thus, in case you are an entrant into the crypto market, you can be relieved of the scam risks associated with the investment.
Founded in 2018 as Bitkeep, it rebranded itself as Bitget Wallet in March 2023 after its collaboration with Bitget. Available in over 168+ countries and regions across North America, Europe and Asia, it is the largest decentralised wallet in Asia – making it the safe choice for users to access the opportunities of Web3 ecosystem.
The post Planning to buy Memecoins? Know how trusted wallets like Bitget Wallet can save you from frauds appeared first on CoinGape.
